Germany blocks effort to sanction Russia’s biggest bank – media – RT Business News


Berlin fears move could disrupt ‘energy-related transactions’, report says

Germany has resisted efforts to cut off Sberbank, Russia’s largest bank by assets, from SWIFT, a global messaging system that facilitates global trade, Bloomberg reported Wednesday, citing multiple diplomatic sources and documents.

The EU decided to remove seven Russian banks from the system last week as part of sanctions in response to Moscow’s ongoing military offensive in Ukraine. Berlin “Many times” spoke out against adding Sberbank to the list in order to “protecting energy-related transactions”, says Bloomberg.

The Financial Times reported last month that German Chancellor Olaf Scholz initially resisted the idea of ​​removing Russian banks from SWIFT altogether, despite pressure from other EU member states. Berlin then changed its position as the advance of Russian troops into Ukraine continued.

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Russia argued that it had been forced to start a “Military Operation” its neighbor on February 24 in order to defend the People’s Republics of Donetsk and Luhansk, which broke away from Ukraine shortly after the 2014 coup in Kiev. Russia has also said it wants Ukraine to officially declare itself a neutral country, abandoning its NATO candidacy forever.

Kiev said the attack was totally unjustified. Ukraine has insisted it has never posed a threat to Russia and has denied claims it plans to take over rebel republics by force.

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